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Automated Guided Vehicle (AGV) Market Worth USD 3.14 Billion at 9.5% CAGR by 2026; Growing Need to Reduce Labor Costs to Prove Beneficial for the Market: Fortune Business Insights™

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Pune, June 04, 2020 (GLOBE NEWSWIRE) — The global AGV market size is slated to reach USD 3.14 billion by 2026, exhibiting a CAGR of 9.5% during the forecast period. Rising tide of industrial automation is likely to emerge as the central factor driving the growth of this market in the coming decade. Automation in industrial processes is primarily based on the integration of Artificial Intelligence-based technologies such as Internet of Things (IoT) with the existing infrastructure.Automated technologies are taking industries by storm and their future looks immensely promising. For example, the World Economic Forum (WEF) estimates that by 2035, only 35% of working hours will be spent on manual routine jobs that currently take up 48% of work time. Furthermore, manufacturing, logistics, and retail sectors will have the highest potential for automation by 2025, notes the WEF. AGVs are a prelude to the adoption of full-fledged AI-powered technologies in any industry and as automation gains ground, the AGV market demand will remain steady.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.Click here to get the short-term and long-term impact of COVID-19 on this market.Please visit: https://www.fortunebusinessinsights.com/automated-guided-vehicle-agv-market-101966
Detailed analysis of the market share, size, and figures and the factors shaping them;Exhaustive study of the different market segments;360-degree overview of the general industry outlook;Comprehensive evaluation of the regional and competitive dynamics of the market; andIn-depth assessment of the market restraints.Promise of Enhanced Efficiency to Propel the MarketOne of the main automated guided vehicles market trends is the increasing uptake of AGVs across industries owing to their high efficiency. For example, AGVs can operate 24/7 without rest, something that humans cannot do. As a result, they not increase productivity but also bring down utility costs. Furthermore, AGVs, once connected and synched with warehouse management system, can effectively monitor inventory, thereby removing the need to hire extra personnel to do inventory work. Even more important is the fact that deploying AGVs in hazardous environments, such as handling of toxic chemicals, can reduce the incidence of industrial accidents. Thus, AGVs offer a slew of advantages in terms of productivity and efficiency, which bodes well for the AGV market revenue.The AGV market size in Asia-Pacific stood at 0.37 billion in 2018 and the region is anticipated to dominate the automated guided vehicles market share in the forthcoming years. This is mainly attributable to the fast-growing e-commerce industry in India and China. Moreover, these countries are heavily investing in developing their manufacturing sectors and improving their warehousing infrastructure through intelligent systems, which is further driving this market. In North America, growth is expected to stable as the region has a well-established manufacturing sector and companies are rapidly adopting automation technologies to optimize their warehousing processes. Low working-age population is forcing many companies in Europe to implement automated technologies to maintain their efficiency in operations.Urbanization and growth of e-commerce in Latin American countries is fueling the demand for AGVs.    Increasing Focus on Research and Innovation to Create a Charged-up Competitive AtmosphereAccording to the automated guided vehicle market analysis, competition in this market is set to intensify as major players double down their investment launching innovative products. This would enable them to solidify their market position and diversify their product portfolio.Industry Developments:October 2019: Hit Robot Group (HRG) launched its new-age automated guided vehicle, powered by the SLAM (Simultaneous Localization and Mapping) technology used by the company in its automated mobile robots. The AGV can recreate a 2D map of the facility it is deployed in and navigate on its own.September 2018: Seegrid Corporation, an automated guided vehicles market leader, introduced its new vision guided vehicle as an expansion of the company’s automated solutions platform. The smart platform would enable manufacturing, e-commerce, and distribution companies to optimize their operations and streamline their processes.
List of the Key Companies Operating in the Automated Guided Vehicle Market are:
HIT Robot GroupSI Systems, LLC.ELETTRIC80 S.P.A.AGVE GroupThe Raymond CorporationDaifuku Co., Ltd.ScottSeegrid CorporationKION GROUP AGKollmorgenDematicToyota Advanced LogisticsIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersPorter’s Five Forces AnalysisGlobal Automated Guided Vehicle (AGV) Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Type (Value)Unit Load CarrierForklift TruckMobile RobotsOther (Tugger, etc.)Market Sizing Estimations and Forecasts – By Navigation Technology (Value)Laser GuidedMagnetic GuidedVision GuidedOthers (Wire guided, etc.)Market Sizing Estimations and Forecasts – By Application (Value)Transportation & DistributionStorage & AssemblyPackagingMarket Sizing Estimations and Forecasts – By Industry (Value)AutomotiveFood & BeverageE-commerceOthers (Healthcare, etc.)Market Analysis, Insights and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued…!!!
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us:
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